Asset Tracking

July 13, 2017

Knowing what assets your business has and exactly where everything is at any time is an essential part of good business management. Assets such as laptops, tablets and mobile phones in particular need to be tracked because they can be expensive to replace.

Desktop computers and printers that may be moved to different premises also need to be tracked, and if photocopiers belong to a business or are leased, you still need to know where they are at all times. The same goes for plant equipment on farms or drills and other power tools on building sites.

Why is asset tracking important?

If you don’t keep track of your assets, you could be losing money from your business without being aware of it. Assets cost money. What you supply for your employees to enable them to do their jobs efficiently and effectively should be tracked. This ensures you know the exact locations and the status of any equipment when you and your management team need that information.

It can be easy to let asset tracking slide when you have a hundred and one other things that are taking up your time and attention, but not knowing where everything is could cost a lot of money in the long run, as well as time getting replacement equipment.

By setting up an asset register, you have the knowledge of what the company owns or leases and, crucially, where those assets are. An asset register is important because it will help you minimise equipment losses and expensive replacement costs and reduce theft. Theft may not be that common in business operations, but it can seriously damage the bottom line if measures are not in place to prevent it.

Not only will an asset register help you manage your business operations, especially in terms of equipment acquisitions in the future, but it also is essential for your insurance purposes. If you don’t keep track of where everything is, you can understand that insurers may be sceptical about a claim if you don’t have the evidence trail.

Solutions available

It doesn’t matter what size your business is – you should track your assets. Asset tags and asset labels will make your asset management an integral part of your business. You can label, record and monitor your assets with customised tags that can be used inside or outside and withstand extreme temperatures. You can choose your wording; add barcodes and a company logo to help reduce the risk of theft and make sure your assets are well maintained and tested.

Security is a key aspect of any asset management programme, and specialised software is available to help keep track of equipment the business has. AssetGuard Pro Software features Cloud-based technology that can be accessed from anywhere and can be customised for your business. With 24/7 multi-site access and video tutorials to help you operate the software, it also has several subscription options to fit your organisation’s needs.

Asset tracking makes sense for the smooth running and profitability of your business, and the tools to accomplish this are easily available.

Disclaimer: The information provided through Legislation Watch is for general guidance only and is not legal advice. Legislation Watch is not a substitute for Health and Safety consultancy. You should seek independent advice about any legal matter.